Is Shared Ownership a way of getting long term security of tenure?

chickmug

gabyjane wrote: »

Hi i have the same situation as meenu and i love our house, we waited a long time to get this and i am so very grateful as it is a gorgeous house at a very affordable price!!! BUT where we live it would not be possible for your friends to buy as they have too much money. We had to have a certain amount of savings and no more be eligable, my friend recently tried this so i know it is true as she was declined BUT this is where we live so may differ. I was a little annoyed with my friend actually as SO is for people who cannot get on the housing ladder and she would have been able to just buy most of her % outright which pushes others out. We waited years to be able to get a house where we live and if that was the case we would prob still be waiting.
I really hope your friends get somewhere but would have to look in to it..can they not apply for council housing?

Thanks for replying.

After spending a lot of time on the PC, this evening, I realise there are a lot of Housing Associations and they seem to say conditions apply. So may be better if I can get on the phone to one or two in the next few days.

Not thought about council house route but after reading this forum, for long time, I am not sure I would feel very confident as their case doesn't seem so deserving when compared with others that may be on the list?

chickmug

nearlynew wrote: »

Shared ownership schemes only arise because of a combination of high house prices, poor social housing provision and inadequate tenancy laws.

If the situation regarding any one of thoses things was changed then things would be much better.

Yes very right and my next port of call, because I feel strongly, is with the couple to see their MP. Timing not great and not sure if they would want to go?

chickmug

carefullycautious wrote: »

Pastures can you say which company are building bungalows exclusively for shared ownership. I would be interested to look at this.

I understand if you dont want to say

This one I came across which looks really good: -
http://www.rightmove.co.uk/property-for-sale/property-12637992.html

But looking at Upyourstreet gives a worrying resume of the type of area? But not knowing the area it may be OK?

gabyjane

nearlynew wrote: »

Shared ownership schemes only arise because of a combination of high house prices, poor social housing provision and inadequate tenancy laws.

If the situation regarding any one of thoses things was changed then things would be much better.

Partly true..house prices are high where we live all the time, the cheaper ones are cheap for a reson and i wouldn't spend our hard earned wages on them tbh. The social housing is irrelevant in our situation as SO is about getting a mortgage and if you are looking for social housing as such you shouldn't be applicable to it..where we live it is like this anyway..and as for the tenancys etc there are lots where we are..there are plenty of agencys and places where your tenancy would be safe. Our mortgage and rent are well below what we would pay in rent though so that's another reason we did it.
To the OP let us know how you get on, i agree the phonecalls may be a quicker easier way of finding out!

chez22

House prices also high where I live and no council houses. The only affordable houses here are SO.

poppysarah

How does HB/lha work with shared ownership?
How would gge fund repairs if he's buying a property and having to pay rent etc?
He needs long term financial advice about what benefits he's going to able to claim. If he won't get HB because of income levels then he's probably better off trying to find a 100% purchase for his money.

PasturesNew

carefullycautious wrote: »

Pastures can you say which company are building bungalows exclusively for shared ownership. I would be interested to look at this.

I understand if you dont want to say

I just did a quick google and found these:
- http://www.westcountryha.org.uk/wha/Homes4Sale/Retirement+Homes/
- http://www.arena-housing.com/arena/content/524/retirement-villages.aspx
- http://www.hart.gov.uk/hs17revisi00olderpeople.pdf

Just google for your area - add your town/county to the end of this search: http://www.google.co.uk/search?hl=en&safe=off&q=%22shared+ownership%22+%22retirement+homes%22&meta=

gabyjane

poppysarah wrote: »

How does HB/lha work with shared ownership?
How would gge fund repairs if he's buying a property and having to pay rent etc?
He needs long term financial advice about what benefits he's going to able to claim. If he won't get HB because of income levels then he's probably better off trying to find a 100% purchase for his money.

Hm conflicting answers with HB and our rent part, luckily we have not had to look into it so i am not sure..if we did struggle they will pay the interset part of our mortgage for i think up to 12 months but again not looked into it fully. Yes all repairs have to be done on the house so depends on what sort of property they get as to poss outlay. Ours is new build and we havent had to obviously touch it in the year and ahlf we have been here..which is ideal for us!

chickmug

gabyjane wrote: »

Partly true..house prices are high where we live all the time, the cheaper ones are cheap for a reson and i wouldn't spend our hard earned wages on them tbh. The social housing is irrelevant in our situation as SO is about getting a mortgage and if you are looking for social housing as such you shouldn't be applicable to it..where we live it is like this anyway..and as for the tenancys etc there are lots where we are..there are plenty of agencys and places where your tenancy would be safe. Our mortgage and rent are well below what we would pay in rent though so that's another reason we did it.
To the OP let us know how you get on, i agree the phonecalls may be a quicker easier way of finding out!

Thanks for your help and all points noted re the area where you are and perhaps you are somewhere where one would feel safe. However no matter how safe there is still no security of tenure hence my original quest.

Just been speaking to the guy and he has always been told the place (different ones over several years) where they were renting is a long term rental then to find out it is not. each time they were froced to move and couldn't get a similar place so had to move miles from that area they had got to know. Hence the SO to provide that security. Tall order though

chickmug

poppysarah wrote: »

How does HB/lha work with shared ownership?
How would gge fund repairs if he's buying a property and having to pay rent etc?
He needs long term financial advice about what benefits he's going to able to claim. If he won't get HB because of income levels then he's probably better off trying to find a 100% purchase for his money.

As I said he has £50,000 suddenly come in which is not enough for outright purchase hence the SO thought. The wife is on £500 p.m. pension, he has £600 p.m. pension. He will get his state pension in 2 years and a bit.

He was hoping to get some part time work (garden & simple house maintenace) but because of his health he feels unable to commit to specific days and times so he is feeling a bit stuffed. His decision to stop work was his as he was letting too many people down and the work dried up as most was for agents.

He has never claimed benefits but I may ask some questions on that board as I worry whether is would be seen as deliberately depriving himself of his capital? He officially stopped self employment this tax year ending March 2009 and feels he can't claim Job Seekers as he has not paid the right stamp and has too much in savings.